KSA - Wafa Ins. starts paying second instalment of creditors' dues
Wednesday, 03 31 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Indian Company for Cooperative Insurance (Wafa Insurance) started paying the second instalment of creditors' dues on March 27, 2021, in line with the approved financial reorganization plan.
The insurer clarified in a filing to Tadawul today, March 30, 2021, that the payment of the second installment is done in coordination with Walid Subhi, the trustee appointed by the Commercial Court in Riyadh.
The company will announce the relevant financial impact in due course as it is difficult to be determined at present.
On Nov. 9, 2020, Wafa Insurance received the document of final judgement on financial restructuring from Riyadh Commercial Court. It paid the first instalment of creditors' dues in December 2020.